EG Funds Management recently sold a 14-storey office building for $52.17 million.
A 14-storey office building at 92 Pitt Street, Sydney has been sold for $52.17 million by EG Funds Management, a real estate fund manager with $2.4 billion in assets under management. The sale was arranged by John Bowie Wilson and Jonathan Vaughan of Knight Frank Sydney and James Barber and James Girvin of Colliers International Sydney.
The purchaser was private property development and investment company, City Freeholds Pty Ltd, which was established by Hungarian immigrant David Burger, who arrived in Australia in 1951. The company is today owned by his widow, Diane, and children Michael, Robert, Karen, and Jacqueline.
92 Pitt Street was built in 1972, according to Sydney Cityscope. On a site area of 556 sqm, the building has a net lettable area of 4,642 sqm, floor plates of 320 sqm and a 4-star NABERS rating. Tenants include Retail Finance Intelligence, Blackadder Recruitment, Stature Chartered Accountants and numerous small commercial and retail tenants. It was at 94% occupancy at the time of sale.
The property last traded at $30.65 million in 2015. This sale at $52.2 million represented an initial yield of 5.02% on a passing income of $2,617,000 (net).